Method and system for managing cloud computing environment

A computer-implemented method for managing resources in a cloud system, the method comprising:

• assigning a category of resources to a first application of a first type, the category of resources being associated with a first template of virtualized resources, the first template being associated with one or more threshold values and having a first cost for using the first template, the one or more threshold values including a first threshold value;
• monitoring performance of the first template to obtain one or more performance values for the first template, the one or more performance values obtained including a first performance value;
• comparing the first performance value of the first template with the first threshold value associated with the first template;
• and
• generating a first resource migration plan for the first application of the first type based upon a result of the comparing step, the first resource migration plan being a plan to migrate the first application of the first type from the first template to a second template of virtualized resources,
• wherein the second template is associated with a second threshold value that is greater than the first performance value, and
• wherein the second template has a second cost for using the second template that is less than the first cost.

A non-transitory computer readable medium including a computer executable program for managing resources in a cloud system, the computer readable medium comprising:

• code for assigning a category of resources to a first application of a first type, the category of resources being associated with a first template of virtualized resources, the first template being associated with one or more threshold values and having a first cost for using the first template, the one or more threshold values including a first threshold value;
• code for monitoring performance of the first template to obtain one or more performance values for the first template, the one or more performance values obtained including a first performance value;
• code for comparing the first performance value of the first template with the first threshold value associated with the first template;
• and
• code for generating a first resource migration plan for the first application of the first type based upon a result of the comparing step, the first resource migration plan being a plan to migrate the first application of the first type from the first template to a second template of virtualized resources,
• wherein the second template is associated with a second threshold value that is greater than the first performance value, and
• wherein the second template has a second cost for using the second template that is less than the first cost.